A Crypto Guide for Simple Crypto Education
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What is cryptocurrency?
Cryptocurrency (aka crypto) is digital currency. Crypto exists virtually and can be used as a medium of exchange. Bitcoin, the original cryptocurrency, is also considered a store of value (similar to gold). Some of the most popular cryptocurrencies include Bitcoin, Ethereum, Polkadot, XRP, and Cardano.
Cryptocurrency gets its name from the fact that is uses a process called cryptography to secure transactions. Hence, the name crypto-currency.
Crypto is attractive to many people because it is decentralized. This means that no central authority (e.g. bank, government) controls crypto. The beauty of digital currencies is that transactions can be completed peer to peer. In other words, no middleman is needed. That means fewer fees and faster transactions!
Learn more here – What is cryptocurrency?
What is Bitcoin?
Bitcoin is a cryptocurrency – a decentralized digital currency. Bitcoin was the first-ever cryptocurrency. It was developed in 2009 by an anonymous developer known as Satoshi Nakamoto. To this day, no one truly knows who Satoshi is.
Like the USD, EUR, CAD, JPY, and other currencies, Bitcoin can be used to make purchases online and in the real world. However, it is also viewed as a store of value. Similar to gold, investors hold Bitcoin as a way to retain and grow their wealth.
Bitcoin transactions are recorded on a public ledger. Copies of this ledger are stored on computers throughout the world. As a result, Bitcoin is more transparent and secure than any centralized currency on earth.
What are altcoins?
Altcoins are any cryptocurrencies that aren’t Bitcoin. As the original and most well-known cryptocurrency, Bitcoin is not considered an altcoin. However, all other cryptos are – including Ethereum (another well-known crypto).
There are thousands of altcoins in existence. Some of the most popular include Ethereum, XRP, Stellar, and Polkadot.
What is crypto mining?
Crypto mining is a complex topic. But we’re here to make your life easier.
Essentially, crypto mining is the process of verifying transactions and creating new coins (or tokens). Think of it like mining for gold – except powerful computers around the world are doing all the work! Only cryptocurrencies that use proof-of-work to validate transactions use crypto mining. There are several other ways that crypto transactions can be verified, and new coins created. For example, proof-of-stake.
There’s a bit more to crypto mining than that. But you get the gist. We’ll save the rest for our Complete Guide to Crypto Mining. Interested in learning more about crypto mining? Learn more here – Guide to Crypto Mining.
Crypto Guide FAQ
A crypto guide wouldn’t be a crypto guide if it didn’t answer your most burning questions!
Don’t see an answer to your cryptocurrency question here? Let us know! We’re happy to answer all your questions.
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OUR MISSION AT DAILY CRYPTO GUIDE
Crypto Made Easy
At Daily Crypto Guide, we’re just your average Joes – who happen to love crypto. No big organizations, fancy suits, or corner offices. Just crypto enthusiasts and investors who have learned a lot along the way.
After years of researching crypto, investing in crypto, and learning from experience, we decided to create this site. On our journey, we had a hard time finding simple explanations for the questions we had about crypto. So, we wanted to create a resource to help others find answers to their crypto questions quickly and in simple terms.
We think everyone should have access to a crypto education. Therefore, Always Simple – Always Free are words we live by.
As we grow our site, we look forward to interacting with you on social media and in real life. Stay tuned for big things to come!
Our goal at Daily Crypto Guide is to provide you with simple answers to your crypto questions. No unnecessary jibberish. Just straightforward explanations.
We want everyone to have the opportunity to learn about crypto. Therefore, we’ll never charge you for our educational content.
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